MYR Group Inc (NASDAQ:MYRG) – Analysts at KeyCorp dropped their FY2018 earnings estimates for MYR Group in a report issued on Wednesday, August 15th. KeyCorp analyst T. Afzal now expects that the utilities provider will earn $1.80 per share for the year, down from their prior forecast of $1.84. KeyCorp also issued estimates for MYR Group’s FY2019 earnings at $2.27 EPS.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, August 1st. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.03. MYR Group had a net margin of 2.18% and a return on equity of 7.81%. The company had revenue of $339.68 million during the quarter, compared to the consensus estimate of $364.65 million. During the same period in the previous year, the firm posted $0.07 EPS. The firm’s revenue was down 4.6% compared to the same quarter last year.

A number of other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 31st. Stifel Nicolaus lifted their price objective on shares of MYR Group from $37.00 to $41.00 and gave the stock a “hold” rating in a report on Tuesday, July 10th. Robert W. Baird downgraded shares of MYR Group from an “outperform” rating to a “neutral” rating in a report on Friday, August 3rd. BidaskClub downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, June 13th. Finally, ValuEngine downgraded shares of MYR Group from a “buy” rating to a “hold” rating in a report on Friday, June 15th. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $38.50.

NASDAQ MYRG opened at $34.80 on Thursday. MYR Group has a 52-week low of $23.00 and a 52-week high of $40.81. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.20. The firm has a market cap of $595.20 million, a PE ratio of 42.96 and a beta of 0.52.

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. lifted its stake in MYR Group by 9.1% in the second quarter. BlackRock Inc. now owns 2,387,839 shares of the utilities provider’s stock worth $84,673,000 after purchasing an additional 200,044 shares during the last quarter. Victory Capital Management Inc. lifted its stake in MYR Group by 7.6% in the second quarter. Victory Capital Management Inc. now owns 1,288,018 shares of the utilities provider’s stock worth $45,673,000 after purchasing an additional 91,219 shares during the last quarter. Macquarie Group Ltd. lifted its stake in MYR Group by 11.8% in the second quarter. Macquarie Group Ltd. now owns 1,119,841 shares of the utilities provider’s stock worth $39,710,000 after purchasing an additional 117,864 shares during the last quarter. Third Avenue Management LLC lifted its stake in MYR Group by 14.9% in the second quarter. Third Avenue Management LLC now owns 283,548 shares of the utilities provider’s stock worth $10,055,000 after purchasing an additional 36,724 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its stake in MYR Group by 5.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 195,941 shares of the utilities provider’s stock worth $6,949,000 after purchasing an additional 10,124 shares during the last quarter. 89.56% of the stock is owned by institutional investors and hedge funds.

About MYR Group

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility and the renewable energy industries.

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